Selling Japanese Property: Valuation, Listing Agreement, Closing

This article is part of the Zagdim wiki series on Japanese property. It explains what an owner living outside Japan should look at, and prepare, at each step of selling Japanese property: valuation, the listing agreement, negotiating with a buyer, and closing and handover. It is written for international owners who already hold property in Japan and are considering a sale. Taxes on a sale, selling with a tenant in place, and sending sale proceeds out of Japan are covered in separate guides, as is the wider question of planning an exit before you buy.

You can instruct a Japanese real estate agent to sell while you are abroad. Four things deserve your attention. First, when the agent states a view on the asking price, the agent must explain the basis for it, and may not charge you for doing so. Second, the written listing agreement should state the price, the term, the registration of the listing and the fee. Third, whenever a buyer makes a written purchase application, the agent must report it to you; the price and terms are then agreed between you and the buyer. Fourth, on closing day the registration documents must be complete, and if they are not, closing is postponed. Sellers who live overseas must prepare the seal certificate and address records by other means, and it is wise to start before a buyer is found.

Why Do Overseas Sellers Get Stuck at These Steps?

When you are not in Japan, progress on a sale reaches you through the agent. The agent quotes a price and you are not sure how it was reached. You sign a listing agreement and are unclear whether you can find a buyer yourself or switch agents. Someone makes an offer and you cannot tell whether the agent has passed on every one. Only just before closing do you find that you have no Japanese seal certificate and that the address on the register is an old one from many years ago.

The usual sale sequence (property survey, price valuation, listing agreement, finding a buyer, negotiation, sales contract, settlement and handover) and the comparison of the three types of listing agreement are set out in the overview guide. This article follows the order of the sale and covers only what the seller needs to check at each step.

How Can You Tell Whether the Agent’s Price Has a Basis?

A price valuation (価格査定, kakaku satei) is the agent’s estimate of what the property can sell for, made before the listing agreement is signed. When the agent gives an opinion on the sale price to be written into the listing agreement, the Real Estate Transaction Business Act (宅地建物取引業法, the Takken Act) requires the agent to explain the basis.

The basis may be a valuation manual (価格査定マニュアル), either the one produced by the Real Estate Information Network Center (a public interest foundation) or an equivalent, or other material that reasonably supports the figure, such as comparable sales. The agent’s opinion does not have to win your agreement, but it must be reasonable. The explanation can be oral or written; if it is written, it must state that it is not a real estate appraisal.

Explaining the basis is a legal duty of the agent, and the cost of the valuation made for that purpose may not be charged to you. This valuation is a different thing from an appraisal by a licensed real estate appraiser (不動産鑑定士).

You can also check for yourself. The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) runs a site called the Real Estate Information Library (不動産情報ライブラリ), where you can view real estate transaction price information, the published land prices and the prefectural land price survey figures, together with contract price information. MLIT suggests that sellers consult it as needed.

The price may also need adjusting after listing. Under MLIT’s standard listing agreement terms (標準媒介契約約款), if the sale price becomes inappropriate because of changes in land prices, commodity prices or similar, the agent must explain the basis and recommend a change.

What you can ask the agent:

• What is this price based on: the valuation manual, or which comparable sales?
• Can I have the basis in writing?
• Was I charged for this valuation?

What Should You Check in the Listing Agreement?

After a listing agreement (媒介契約) is concluded, the agent must without delay prepare a written document, sign and seal it, and give it to you; with your consent it can be provided electronically instead. When you are overseas, this document lets you check the terms of the engagement item by item. The table below covers some of the legally required items; there are others.

Renewal of an exclusive right to sell or an exclusive listing must be requested by you at each expiry. It cannot be agreed in advance as automatic, and if you request renewal and the agent does not agree, the contract is not renewed. Each renewal is also for no more than 3 months. There is no statutory term limit for a general listing, and the standard terms likewise set it at 3 months or less. Any special clause in the contract that violates the Takken Act’s provisions on term, registration and reporting is void.

The agent’s fee has a statutory ceiling. The ceiling is not a fixed price, and the amount is agreed with you; the calculation is covered in the overview guide.

What If You Find the Buyer Yourself, or Want a Different Agent?

Under the standard terms, if you sign an exclusive right to sell and then complete a sale through another agent or with a buyer you found yourself, the agent can claim a penalty. If you sign an exclusive listing, you may contract with a buyer you found yourself, but you must notify the agent first, and the agent can claim expenses already incurred. These rules are in the standard terms; the following points are worth reading closely before you sign.

• The penalty amount. It is equal to the agreed fee (excluding consumption tax), not a separate multiplied penalty. Fees the agent might otherwise have collected from another client cannot be counted into it.
• Expense reimbursement needs an itemized statement. When the agent claims expenses already incurred, it must prepare a breakdown of on-site investigation, advertising, communication, transport and similar costs, and prove the amounts with receipts or the like. The cap is the agreed fee.
• A general listing carries a notification duty too. If you engage another agent whom you did not disclose to this agent and a sale results, this agent can claim expense reimbursement, again capped at the agreed fee. If a sale is concluded by you or through another agent, you must notify the agent without delay; if you do not, the agent can claim from you the expenses it incurred in good faith after the sale.
• Bypassing the agent. For an exclusive listing or a general listing, during the term or within 2 years after expiry, and for an exclusive right to sell, within 2 years after expiry, if you exclude the agent and sell directly to a buyer introduced through this agent, the agent can claim a fee in proportion to its contribution to the sale. The 2 years is set by the standard terms, not a statutory period.
• Clauses that disadvantage you. A special clause claiming a penalty above the agreed fee is not recognized as a contract under the standard terms; special clauses that depart from the terms to your disadvantage are void.

How Do You Know the Agent Is Actually Marketing the Property?

If you sign an exclusive right to sell or an exclusive listing, the agent must register the property with REINS (レインズ), the system run by the designated distribution organization (指定流通機構), within 7 days of the contract date (5 days for an exclusive right to sell), not counting non-business days. The contract date is the day the parties reached agreement, not the day the written document is delivered, and that day itself is not counted. The registration covers the location, size, form and quality, sale price and so on; when a sale is concluded, the agent must notify the designated distribution organization.

The agent’s periodic reports cover the measures taken to find a buyer (for example REINS registration and advertising) and the inquiries received. You can also use the web address, account and password on the registration certificate to enter REINS’s seller-only screen (売主専用画面) and check the status of the property yourself. This function has been available since January 2016.

How Is the Price Negotiated When an Offer Arrives?

How far to move on price, and how offers and counteroffers are made, are not set out in the official Japanese materials consulted for this article; you and the buyer decide them by negotiation. The agent normally handles negotiation with the buyer under the listing agreement, but the actual scope depends on the firm and the contract, so ask before you sign.

The law does cover two things. First, whichever type of listing agreement you have, when a buyer clearly states an intention to buy in writing, such as on a purchase application form (購入申込書), the agent must report it to you without delay, and must do so every time, even when the terms do not match what you hoped for. Second, the agent must explain the basis for an opinion on the sale price; under the standard terms, if the price becomes inappropriate, the agent must also explain the basis and recommend that you change it.

With an exclusive type of contract, you can check the seller-only screen to see whether the property shows “written purchase application received”, and compare it with the agent’s reports.

Price is not the only thing negotiated. The following are also agreed between you and the buyer in the sales contract, and can be weighed together with the price.

• The amount of the deposit, and the deadline for cancelling by deposit. See the next section.
• The period and scope of liability for non-conformity with the contract. Whether to agree an exemption is covered in the next section.
• How fixed asset tax (固定資産税) is shared. The person registered as owner on January 1 each year is the taxpayer for that year. Having the buyer reimburse a daily share at handover is a trade custom, not a legal rule, and the method follows the contract.
• Who bears the stamp duty. If the contract is on paper and each party holds an original, each original must carry a stamp; who pays is set by the contract.
• Whether the property is sold with a tenancy in place. If a tenant lives in the property, this must be stated in the sales contract.
• The closing and handover date. Generally, the deposit is paid at signing, and the balance is settled and the property handed over several weeks to several months later.

Once the terms are settled, you can ask the agent to write each item into the sales contract and confirm it before you sign.

Which Sales Contract Clauses Matter Directly to the Seller?

Can You Still Cancel After Taking a Deposit?

The deposit (手付, tetsuke) is the money the buyer pays at signing. Until the buyer has started performing the contract, you can cancel by actually tendering twice the deposit to the buyer; the buyer can likewise cancel by forfeiting the deposit. Once the buyer has started performing, this method of cancellation is no longer available. This is the rule in the Civil Code, and a contract can provide otherwise, for example by setting a deadline for cancellation by deposit, so the contract’s terms are what count.

The Takken Act caps the deposit at two-tenths of the price, but that cap binds only an agent acting as the seller itself. As of September 2026, if you sell as an individual, the cap does not apply to you, and the deposit amount is agreed between the parties.

**Example: Ms. Li, who lives in Hong Kong**

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Ms. Li is selling an apartment in Osaka. She signs a paper sales contract with the buyer for 20 million yen and receives a deposit of 2 million yen. If she later changes her mind, she can cancel only before the buyer has started performing, by actually tendering 4 million yen to the buyer (of which 2 million yen is the returned deposit); once the buyer has started performing, this method of cancellation is no longer available. If the contract sets a deadline for cancellation by deposit or other terms, the contract governs.

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The original of the contract she holds must also carry a stamp; for a contract amount over 10 million yen up to 50 million yen, made before March 31, 2027, it is 10,000 yen per original. What she needs to do: before signing, confirm that the deposit amount, the cancellation deadline and who bears the stamp duty are all written into the contract.

What Is the Seller Responsible for After Handover?

If the property delivered does not match the contract in type, quality or quantity, you bear liability for non-conformity with the contract (契約不適合責任). The buyer can demand remedies such as repair. If the buyer sets a reasonable period and demands a remedy and none is provided, the buyer can claim a price reduction in proportion to the non-conformity. In the following cases the buyer can claim a price reduction directly, without giving notice and a period:

• the defect cannot be remedied;
• you clearly refuse to remedy it;
• the contract is of a kind that must be performed within a specific period, and that period passed without a remedy from you;
• other cases where it is plain that a demand would not produce a remedy.

The buyer can also claim damages or cancel the contract under the Civil Code. If the non-conformity was caused by the buyer, the buyer cannot demand a remedy or a price reduction. These rules also apply by analogy when the rights transferred do not match the contract.

For non-conformity in type or quality, the buyer must notify you within 1 year of becoming aware of it, or can no longer claim on that ground; this limit does not apply if you knew at handover, or were unaware through gross negligence. The 1 year runs from when the buyer becomes aware of the problem, not from the handover date.

The Takken Act’s restriction on liability periods (where an agent is the seller, the notification period can be set at no less than 2 years from handover) binds only agents selling on their own account. As of September 2026, if you sell as an individual, the period and scope of your liability, and whether it is excluded, depend on the Civil Code and your agreement with the buyer. Even if you agree to be free of liability, you remain liable for facts you knew about and did not disclose, and for rights you yourself created in favor of, or transferred to, a third party. Disclosing known problems such as leaks or termites honestly and writing them into the contract is a way to protect yourself.

When selling a second-hand condominium unit or a detached house (一戸建て), the building condition inspection (建物状況調査) appears in three places. Since April 1, 2018, the listing agreement document must state whether the agent will arrange an inspector; when the agent gives the buyer the explanation of important matters (重要事項説明), it must explain whether an inspection was made and a summary of the result, as well as how documents such as design drawings and inspection records are kept; and the sales contract document must record the condition of the main structural parts as confirmed by both parties. The rules require explaining whether an inspection was made; they do not require the seller to commission one. If you have repair or inspection records, you will have something to rely on when explaining.

How Much Stamp Duty Will You Pay?

For a paper sales contract, stamp duty (印紙税) is charged on each original according to the amount stated. For real estate sales contracts made between April 1, 2014 and March 31, 2027 with an amount over 100,000 yen, a reduced rate applies: over 5 million yen up to 10 million yen is 5,000 yen; over 10 million yen up to 50 million yen is 10,000 yen; over 50 million yen up to 100 million yen is 30,000 yen; over 100 million yen up to 500 million yen is 60,000 yen; other brackets are set separately. Whether the reduction will be extended beyond that date has not been decided.

What Documents Does an Overseas Seller Need Before Closing?

On closing day, the judicial scrivener (司法書士) in attendance confirms that the documents and information needed for the transfer of ownership, cancellation of any mortgage and so on are complete, and only then does the buyer pay the balance. If documents are missing or information cannot be confirmed, closing is postponed. You also need to prepare settlement amounts for fixed asset tax and similar items, and registration costs. If a mortgage has not been fully repaid, the sales contract generally provides that the seller must remove the security interest and have its registration cancelled before handover.

The transfer registration of ownership is, in principle, applied for jointly by the buyer and you, with the registration cause certificate (登記原因証明情報) provided. The overview guide has the full list of handover documents; the three questions below call for particular attention from overseas sellers.

What If You Cannot Find the Registration Identification Information?

You can still sell, but there is an extra identity check. The registration identification information (登記識別情報) is a set of symbols the registrar notified to you when you became the registered owner, and it is used to confirm that it is really you applying for the sale registration. Under the older system, the registration certificate (登記済証, informally the title deed) can also serve as having been provided.

When it cannot be provided for a legitimate reason, there are three routes:

1. Advance notification (事前通知). The registrar notifies you of the application, and you must reply within the period confirming that the application is genuine; if you do not reply in time, registration cannot proceed. If your address has been changed on the register, notice is in principle also sent to the former address on the registration record.
2. Identity confirmation information (本人確認情報). A judicial scrivener or another professional who can act as a registration agent meets with you and prepares material confirming your identity; if the registrar considers it adequate, advance notification is not needed. The material must state the date, place and circumstances of the meeting.
3. Notary certification. The application documents (the power of attorney, if you appoint an agent) are certified by a notary as confirming your identity; if the registrar considers it adequate, advance notification is not needed. The notary here is a notary under Japan’s Notary Act.

What If You Have No Japanese Seal Certificate?

For a written registration application, you attach a seal certificate (印鑑証明書) issued within the last 3 months; if a judicial scrivener applies on your behalf, you sign and seal the power of attorney and attach the same kind of seal certificate, also within 3 months.

If you live abroad and cannot obtain a seal certificate, you can attach a signature certificate (署名証明) instead:

• Japanese nationals. You can apply at a Japanese embassy or consulate. You must go in person, no agent or postal application is accepted, and the fee is the equivalent of 1,700 yen per certificate.
• Foreign nationals. Embassy and consulate signature certificates are issued only to Japanese nationals, so a foreign seller must have a notary in the country of residence handle it. Where an embassy or consulate signature certificate is hard to obtain, the Ministry of Justice also accepts signature certificates prepared by foreign notaries.

What format a notary in your country of residence must use should be confirmed with the judicial scrivener handling the sale before you commission it.

What If the Address on the Register Is an Old One?

If the address on the register does not match your current address (the one on the seal certificate or signature certificate), the transfer registration will be rejected unless it is corrected within the period the registrar sets. So at present, after moving, you must register the change of address before or together with the transfer registration.

Since April 1, 2026, a change of address or name must be registered within 2 years of the move or change; this obligation is covered in the overview guide. The Legal Affairs Bureau has a system called “smart change registration” (スマート変更登記): the owner submits search information (検索用情報), including date of birth, in advance, and after confirming the change the Bureau registers it on the owner’s behalf. A person living overseas is outside the scope of this automatic registration even if they submit the information, and must apply for the change themselves. Failing to register without a legitimate reason can bring an administrative fine (過料, a monetary penalty) of up to 50,000 yen; the registrar first issues a demand, and only if you still do not apply is the matter notified to the court.

**Example: Mr. Wu, who lives in Taichung**

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Mr. Wu is a Taiwanese national who bought an apartment while working in Tokyo. He moved back to Taichung in 2025, but the address on the register is still his old Tokyo one. He cannot find the registration identification information from the purchase, and plans to sell in 2027.

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He has no Japanese seal certificate and cannot obtain a signature certificate from a Japanese embassy or consulate, so he has a notary in Taichung prepare a signature certificate, asking the judicial scrivener about the format first. For the missing registration identification information, he can use advance notification, or have the judicial scrivener meet him and prepare identity confirmation information. The address on the register differs from the address on the signature certificate, so he must register a change of address. He moved before April 1, 2026, so the legal deadline is March 31, 2028, but for a sale it must be done before or together with the transfer registration. Because he lives overseas, he must apply himself.

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What he needs to do: before looking for a buyer, confirm with the judicial scrivener how each of the three documents will be prepared and how long each takes.

When Should You Stop and Check?

• The agent cannot explain the basis for the valuation, or asks you to pay a valuation fee. Explaining the basis is a legal duty, and the cost of the valuation may not be charged to you.
• The listing agreement says it renews automatically at expiry. Renewal of an exclusive type must be requested by you at expiry and cannot be agreed in advance.
• REINS shows “written purchase application received” and the agent has not told you. The agent must report a written purchase application without delay.
• The contract’s exemption clause is broad, and the property has a problem you know about but have not disclosed. Facts you knew and did not disclose cannot be excluded from liability.
• Before the closing date, one of the seal certificate (or signature certificate), the registration identification information, or the change-of-address registration is still unresolved. If documents are missing, closing is postponed.

What Should You Decide Next?

The sale process is only one part of exiting Japanese property. When preparing to sell, you can start with three things: find the registration identification information or the registration certificate, check whether the address on the register matches your current address, and confirm the signature certificate format with the judicial scrivener.

Other questions are covered in separate guides:

• What taxes apply to a sale and how to file: Which Taxes Apply When You Sell Japanese Property?
• Whether second-hand property in Japan is easy to sell: Is Japan’s Second-Hand Market Easy to Exit?
• How to sell a property with a tenant living in it: How to Sell Japanese Property With a Lease in Place
• How to send sale proceeds out of Japan: How to Remit Funds Out of Japan After a Sale
• The whole picture of selling and exiting: Think About the Exit Before You Buy Japanese Property

FAQ: Selling Japanese Property

Do I have to pay for a Japanese agent’s valuation?

No. When an agent states an opinion on the sale price to be written into the listing agreement, the law requires the agent to explain the basis, for example the valuation manual or comparable sales; the cost of the valuation made for that purpose may not be charged to you. This is a different thing from an appraisal by a licensed real estate appraiser.

Will the agent tell me about every buyer offer?

Yes. Whichever type of listing agreement you have, the agent must report a buyer’s purchase application to you without delay; where the buyer states an intention to buy in writing, such as on a purchase application form, the agent must report it every time, even if the terms do not match what you hoped for. How the price is negotiated is decided between you and the buyer.

I am a foreign national living abroad and have no Japanese seal certificate. Can I still sell?

Yes, by attaching a signature certificate instead. Japanese embassy and consulate signature certificates are issued only to Japanese nationals, so a foreign seller must have a notary in the country of residence prepare it; confirm the required format with the judicial scrivener handling the sale before you commission it.

Glossary

• Price valuation (価格査定): the agent’s estimate of what the property can sell for, made before the listing agreement is signed.
• Listing agreement (媒介契約): the contract engaging an agent to find a buyer, in three types: exclusive right to sell, exclusive listing and general listing.
• Standard listing agreement terms (標準媒介契約約款): the model terms for listing agreements set by MLIT.
• Designated distribution organization (指定流通機構): the body designated by the Minister of Land, Infrastructure, Transport and Tourism that runs REINS (レインズ), the system in which agents register listed properties.
• Deposit (手付): money the buyer pays at signing; before the buyer starts performing, the seller can cancel by actually tendering twice the amount.
• Liability for non-conformity with the contract (契約不適合責任): the seller’s liability to the buyer when the property delivered does not match the contract.
• Registration identification information (登記識別情報): a set of symbols notified to the owner after registration, used to confirm that the owner is the one applying for the sale registration.
• Identity confirmation information (本人確認情報): material provided to the registrar after a judicial scrivener or similar professional meets the applicant, confirming identity.
• Signature certificate (署名証明): a certificate of signature used in place of a seal certificate by someone who has no Japanese seal certificate.

About the Data

• The information in this article was checked as of September 30, 2026, based on the Real Estate Transaction Business Act and its enforcement regulations, MLIT’s standard listing agreement terms and its interpretation and application guidelines for the Act, MLIT explanatory documents for sellers and its consumer page, the Civil Code, the Real Estate Registration Act with its enforcement order and regulations, explanations from the Ministry of Justice and the Ministry of Foreign Affairs, the National Tax Agency’s stamp duty explanations, and explanations from the Tokyo Metropolitan Government Housing Policy Headquarters and Bureau of Taxation. All sources are in Japanese, and the English names used here are translations.
• The following conclusions are drawn from the official documents; the officials do not state them in a single sentence:
• That an individual seller is not subject to the Takken Act’s “at least 2 years” liability restriction or the deposit cap is inferred from the provisions binding only agents selling on their own account.
• That a change of registered address must be made before the transfer registration is inferred from the provision that a mismatch leads to rejection.
• That sharing fixed asset tax at handover is a trade custom and not a legal rule comes from the Tokyo Bureau of Taxation’s explanation.
• That the provisions do not require a seller to carry out a building condition inspection is inferred from the provisions requiring only an explanation of whether one was made.
• How a buyer negotiates, how far the price moves, and the format and effect of a written purchase application are not set out in the official materials consulted; this article covers only what the law governs, and the rest is agreed between buyer and seller.
• REINS is run by a designated distribution organization appointed by the Minister of Land, Infrastructure, Transport and Tourism (a public interest foundation, not a government ministry); this article covers only its registration and seller-only screen, and does not use its statistics.
• Penalties, expense reimbursement, fees on direct sales and the timing of fee claims follow MLIT’s standard listing agreement terms; a contract that does not adopt the standard terms follows its own clauses. The general process and the explanation of closing and handover come from MLIT’s documents for sellers and the Tokyo Metropolitan Government Housing Policy Headquarters, and describe general practice; individual cases follow the contract.
• Things that may change: the reduced stamp duty applies to contracts made up to March 31, 2027, and whether it will be extended has not been decided; for address changes made before April 1, 2026, the change must be registered by March 31, 2028.

Have a question about this guide? Leave a comment below, or ask Zagdim directly.

Sources

• 国土交通省－不動産の売却を検討される皆様へ（売却の媒介委託者用）
• e-Gov法令検索－宅地建物取引業法
• e-Gov法令検索－宅地建物取引業法施行規則
• 国土交通省－標準媒介契約約款（令和6年4月1日以降版）
• 国土交通省－宅地建物取引業法の解釈・運用の考え方（令和８年４月１日施行版）
• 国土交通省－＜消費者の皆様向け＞不動産取引に関するお知らせ
• 国土交通省－宅地建物取引業者が宅地又は建物の売買等に関して受けることができる報酬の額（昭和45年建設省告示第1552号）
• 国土交通省－改正宅地建物取引業法の施行について
• e-Gov法令検索－民法
• 国税庁－タックスアンサー No.7140 印紙税額の一覧表（その1）
• 国税庁－タックスアンサー No.7108 不動産の譲渡、建設工事の請負に関する契約書に係る印紙税の軽減措置
• e-Gov法令検索－租税特別措置法
• 東京都住宅政策本部－不動産取引の手引き９ 残金支払（決済）と引渡し
• e-Gov法令検索－不動産登記法
• e-Gov法令検索－不動産登記令
• e-Gov法令検索－不動産登記規則
• 法務省－外国に居住しているため印鑑証明書を取得することができない場合の取扱いについて
• 外務省－在外公館における証明
• 法務省－住所等変更登記の義務化について
• 法務省－検索用情報の申出について（職権による住所等変更登記関係）
• e-Gov法令検索－地方税法
• 東京都主税局－固定資産税・都市計画税（土地・家屋）

Important Notice

This article is a general information summary and does not constitute individual legal, tax or real estate transaction advice. The information was checked as of September 30, 2026. Rules may change; rely on the current announcements of the competent Japanese authorities and on your own listing agreement and sales contract, and consult a judicial scrivener or other professional where needed.